Research out from Oracle and Accenture has found inefficient financial reporting could lead to unnecessary costs which would be taken out of more transformational projects. According to the report, Challenges of Corporate Financial Reporting, less than half of the 1,123 financial staff surveyed had invested in financial reporting systems in the last three years. On the whole, spreadsheets and emails are still being used as the core tools to record and distribute financial information used in regulated financial reporting processes. According to Accenture Finance & Enterprise Performance Consulting Group executive director Scott Brennan, enterprise organisations typically spend as much as 1.5 per cent of yearly earnings on financial reporting processes. He advocates more embedded financial data management through an ERP system, to break down the siloes in reporting. He said: “The current practices are having a significant impact on investor confidence when companies cannot articulate their financial results clearly. Any improvement on financial reporting systems will go straight through to the bottom-line.” According to the report, over two thirds of respondents admitted that they have inadequate visibility of reporting processes. Over four fifths of finance managers reported that they find it difficult to control the quality of financial data across the course of their reporting. Related content brandpost Sponsored by Freshworks When your AI chatbots mess up AI ‘hallucinations’ present significant business risks, but new types of guardrails can keep them from doing serious damage By Paul Gillin Dec 08, 2023 4 mins Generative AI brandpost Sponsored by Dell New research: How IT leaders drive business benefits by accelerating device refresh strategies Security leaders have particular concerns that older devices are more vulnerable to increasingly sophisticated cyber attacks. By Laura McEwan Dec 08, 2023 3 mins Infrastructure Management case study Toyota transforms IT service desk with gen AI To help promote insourcing and quality control, Toyota Motor North America is leveraging generative AI for HR and IT service desk requests. By Thor Olavsrud Dec 08, 2023 7 mins Employee Experience Generative AI ICT Partners feature CSM certification: Costs, requirements, and all you need to know The Certified ScrumMaster (CSM) certification sets the standard for establishing Scrum theory, developing practical applications and rules, and leading teams and stakeholders through the development process. By Moira Alexander Dec 08, 2023 8 mins Certifications IT Skills Project Management Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe